With the passage of the Reconciliation Bill by the US House of Representatives the livestock industry is reacting to the items included in the bill. The National Cattlemen’s Beef Association President Buck Wehrbein said, “Cattle farmers and ranchers need Congress to invest in cattle health, strengthen our resources against foreign animal disease, support producers recovering from disasters or depredation, and pass tax relief that protects family farms and ranches for future generations. Thankfully, this reconciliation bill includes all these key priorities. NCBA was proud to help pass this bill in the House and we will continue pushing for these key policies until the bill is signed into law.” NCBA identified items in the bill that will benefit cattle producers including reimbursing cattle producers for loss due to depredation by federally protected predators, expanding access to the livestock forage disaster program, funding for the feral swine eradication program, bolstering efforts to address foreign animal disease, increasing the estate and gift tax exemption amounts, preserving stepped-up basis, a permanent increase to the Section 199A Small Business deduction, expanding the limitation on Section 179 expensing, reinstating the 100% bonus depreciation for five years and extending the federal disaster tax relief act of 2023.
The National Pork Producers Council also identified elements of the bill beneficial to pork producers including foreign animal disease prevention, increasing market access programs, funding for feral swine eradication efforts, making qualified business income deduction permanent, making bonus depreciation permanent, changing the business interest expense limitation, making permanent the Estate tax exemption and increasing the expensing limitations of Section 179.
National Pork Producers Council President Duane Stateler, said “America’s pork producers are one step closer to more certainty with the House’s reconciliation bill passage, which includes necessary legislation to keep farms afloat during uncertain times. At the same time, we will keep pressure on Congress to pass a five-year farm bill, which includes a fix to California Proposition 12.” The bill now moves to the US Senate for further consideration.
With the passage of the Reconciliation Bill by the US House of Representatives the livestock industry is reacting to the items included in the bill. The National Cattlemen’s Beef Association President Buck Wehrbein said, “Cattle farmers and ranchers need Congress to invest in cattle health, strengthen our resources against foreign animal disease, support producers recovering from disasters or depredation, and pass tax relief that protects family farms and ranches for future generations. Thankfully, this reconciliation bill includes all these key priorities. NCBA was proud to help pass this bill in the House and we will continue pushing for these key policies until the bill is signed into law.” NCBA identified items in the bill that will benefit cattle producers including reimbursing cattle producers for loss due to depredation by federally protected predators, expanding access to the livestock forage disaster program, funding for the feral swine eradication program, bolstering efforts to address foreign animal disease, increasing the estate and gift tax exemption amounts, preserving stepped-up basis, a permanent increase to the Section 199A Small Business deduction, expanding the limitation on Section 179 expensing, reinstating the 100% bonus depreciation for five years and extending the federal disaster tax relief act of 2023.
The National Pork Producers Council also identified elements of the bill beneficial to pork producers including foreign animal disease prevention, increasing market access programs, funding for feral swine eradication efforts, making qualified business income deduction permanent, making bonus depreciation permanent, changing the business interest expense limitation, making permanent the Estate tax exemption and increasing the expensing limitations of Section 179.
National Pork Producers Council President Duane Stateler, said “America’s pork producers are one step closer to more certainty with the House’s reconciliation bill passage, which includes necessary legislation to keep farms afloat during uncertain times. At the same time, we will keep pressure on Congress to pass a five-year farm bill, which includes a fix to California Proposition 12.” The bill now moves to the US Senate for further consideration.